Elementary Macroeconomics II (PEARL program)
Spring Semester, 2017
Room D201 Dokuritsu-kan, Hiyoshi Campus
Instructor: Yoshimasa
Shirai
TA: Marco Attilio Federico
Textbook: Charles I. Jones, Macroeconomics third edition, Norton, 2014
(The textbooks are sold at Hiyoshi
Co-op bookstore)
Week 1 (April 11)
How do economists look at Macroeconomy:
Markets: Goods Market, Factor Markets, and Financial Markets
Goods
Factors of Production: Physical Capital and Human Capital
Financial
Assets and Money
What you have learned so far and what you are going to learn in this
semester.
Week 2 (April 18)
How do economists look at Labor Market?
Wages, Employment and Unemployment in long-run perspective
Labor Market Equilibrium in the long run.
Unemployment (Natural Rate of Unemployment)
Week 3 (April 25)
Quiz 1
(on Ch. 7)
Lecture
on Ch. 8
How do economists look at prices of goods?
CPI and Inflation
Money and Quantity
Theory of Money
Real and Nominal Interest Rates
Costs of Inflation
TA Session No. 1
(Time and Place T.B.A.)
Week 4 (May 2)
Quiz 2
(on Ch. 8)
Lecture
on Ch. 9
How do economists look at business
cycles?
Introduction
to Short-run
Potential
Output
Okunfs Law
Philips
Curve
The
Great Depression
TA Session No. 2
(Time and Place T.B.A.)
Week 5 (May 9)
Quiz 3
(on Ch. 9)
Lecture
on Ch. 10
Recent example of recession.
The Great Recession
TA Session No. 3
(Time and Place T.B.A.)
Week 6 (May 16)
Quiz 4
(on Ch. 10)
Lecture
on Ch. 11
How
do economists look at short run relationship between interest rate and output?
IS curve
TA Session No. 4
(Time and Place T.B.A.)
Week 7 (May 23)
Lecture
on Ch. 11
Micro foundation of the IS curve
Week 8 (May 30)
Quiz 5
(on Ch. 11)
Lecture
on Ch. 12
How do
economists look at central bankfs role in setting interest rate?
How does
central bank choose interest rate?
Monetary Policy and
Interest Rates
The MP curve
The IS-MP Diagram
TA Session No. 5
(Time and Place T.B.A.)
Week 9 (June 6)
Midterm
Exam (40 min)
Lecture
on Ch. 12
How do economists look at relationship between output and changes in
inflation?
The Philips Curve
TA Session No. 6
(Time and Place T.B.A.)
Week 10 (June 13)
Quiz 6
(on Ch. 12)
Lecture
on Ch. 13
How does central bank respond to
various macroeconomic shocks?
Is there
any systematic response?
Monetary Policy Rules and Aggregate Demand
AS/AD Framework
TA Session No. 7
(Time and Place T.B.A.)
Week 11 (June 20)
Lecture on Ch.
13
What can
we understand by using AS/AD framework?
How economy responds to various economic
shocks.
Are
predictions of the AS/AD frame work have good
empirical evidences?
What is
modern monetary policy? How are they understood?
Week 12 (June 27)
Quiz 7
(on Ch. 13)
Lecture
on Ch. 14
Why and
how do a collapse of financial market affect
macroeconomic activity?
TA Session No. 8
(Time and Place T.B.A.)
Week 13 (July 4)
Lecture
on Ch. 14
What you
will (should) learn in future
Week 14 (July 11)
(Time and Place T.B.A.)
Quiz 8
(on Ch. 14)
Final
Lecture
Other big questions in macroeconomics
TA Session No. 9
(Time and Place T.B.A.)
Final Exam Week July 22 (Sat) ~ August 2 (Wed)